Hate to tell you this, but most likely the headphone jack on your player is broken. It happens alot. If it's under warranty return it to the store.
I don't believe the jack is user replaceable on this player.
Try inserting the headphone jack only partway and see if you get both sides. Your cheapest solution if it's out of warranty may be to just insert the jack to the point at which you get both sides to work. It's a crappy solution, but it's probably your only hope. It's not a software problem or anything that can be fixed without tearing the player apart.
Sorry for the bad news....

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The cable that is used in the headphones is actually very low quality and very weak so easily broken, You may be able to remove the wiring from another pair of headphones and use it.Unfortunately Skullcandy are not a high end brand so no spare parts are really available as they are made in china as you can see on the following link.Link:

Well, there are a few ways to solve this. The easy way would be either to call the manufacturer (At
(860) 434-9190, more info here) and see if there is a warranty on the item. Second, you could just buy a new pair, which is probably not the best way. Third, you could actually splice a new jack onto the headphones with a little soldering skill. You'll need to:
1)Cut the ******** the end
2)Strip the wires off the jack (and the replacement jack)
3)Solder the wires together (Matching black to black, red to red, ground to ground, etc)
If you've never soldered before, see if you could get a friend to help. Here is a video tutorial of how to solder, if you wish to attempt this yourself.